Namibia’s banking sector is actively considering the formation of a central body modelled after South Africa’s South African Banking Risk Information Centre (SABRIC) to combat the growing menace of financial fraud, it has been revealed.
SABRIC, a non-profit organisation dedicated to fighting organised crime and fraud in banking and cash-in-transit sectors, has been a significant deterrent in South Africa. Inspired by this model, stakeholders in Namibia are exploring similar frameworks to enhance financial security.
Johan Du Plessis, Chief Risk Officer at FirstRand Namibia, highlighted the necessity for a collaborative approach between the banking industry and regulators.
“I strongly believe that the industry and the regulators need to come together to form a united front. Our regulators in Namibia are keen on forming a similar body, and we are partnering with them to achieve this,” he said on Thursday.
Du Plessis pointed out the global increase in financial crimes, referencing a recent Deloitte document that underscores the rise in banking sector crimes worldwide.
“In Namibia, it’s not just banks that can fight crime and fraud; we need to come together as an industry, educate our clients and work with law enforcement,” he said.
The call for collective action was further supported by Nangula Kauluma, CEO of FNB Retail Banking, who emphasised the need for stringent security measures.
“We monitor individuals with access rights to our systems, ensuring transparency and protecting both our employees and clients,” Kauluma said.
Rodney Forbes, Chief Operating Officer at FirstRand Namibia, discussed the bank’s proactive measures in enhancing security.
“We continuously look at how to enhance our security posture with teams monitoring system activities and implementing segregation of duties for checks and balances,” said Forbes.
He also stressed the importance of customer education to prevent social engineering scams, advising clients against sharing sensitive information.
This push for a centralised fraud prevention initiative comes in the wake of increased scrutiny from banking clients due to numerous fraud cases.
In response, FirstRand Namibia said it has ramped up efforts through client engagement initiatives, communication campaigns and educational events.
“We are fully committed to these efforts and have allocated the necessary resources to address them effectively. From FNB’s perspective, our clients can expect increased communication and more opportunities to engage with the bank,” Du Plessis said, noting that the bank has already started hosting discussions and publishing guidance in local newspapers to educate their corporate and commercial clients.
